Falck Renewables is to acquire 60% of Padua-based SAET, which designs and constructs high voltage electrical systems and builds energy storage systems.

The acquisition will be finalised by the second half of 2021.

SAET will continue to serve its customers under the guidance of the current management with the confirmation of Giorgio Rossi as chief executive

The agreed price of approximately €5.5m will be financed entirely from Falck Renewables’ own resources and will be subject to the usual adjustment mechanisms.

The structure of the transaction also involves the signing of a shareholders' agreement at the close and the possibility of acquiring the remaining 40% of SAET within four years.

In its 65 years of operation, SAET has built more than 70 high voltage substations in Italy and abroad.

The company is also a pioneer in the construction of storage systems and have installed around 100MWh.

Under the new deal SAET will continue to operate independently whilst growing more rapidly and the Falck Renewables group’s customers, both producers and industrial and service sector consumers will benefit from SAET’s skills and expertise.

The transaction also strengthens the market position of the Falck Renewables Group as a forward-looking company ready for a low carbon future built around renewable energy.

Falck Renewables chief executive Toni Volpe said: "SAET represents a platform of skills, customers and solutions in a rapidly growing sector, which align well with our current business and will allow us to provide even more value to our customers, combining market, plant, digital and management knowledge."

Rossi added: "Thanks to its significant international presence, financial strength and the Group's customer portfolio and vision in the energy sector, joining Falck Renewables will pave SAET’s way for new development opportunities.

"We are proud to be able to plan a new stage in the growth of our business with a prestigious and innovative company such as Falck Renewables."